Corriente Resources Inc.: Significant New Copper-Gold Discovery In Corriente Copper Belt.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--July 6, 2000

Corriente(TSE:CTQ.)

Results have been received from the first drill holes of the Mirador copper-gold project, which is one of the targets in the Corriente Copper Belt in southeast Ecuador.

The drill holes are roughly aligned north-south and form a 600 metre fence across the Mirador system (for more details see map at Website). Results from these initial holes have identified Mirador as a major porphyry system with strong primary copper grades and a significant gold credit. It is important to note that the deposit is open to depth as most drill holes stopped in mineralization. Results received to date are as follows;

HOLE     FROM(m)    TO(m)    WIDTH(m)    CU(%)    Au(ppb)
----------------------------------------------------------
20       * 19        56        37        .35        409
           56        89        33        .54        400
           89       101        12        .19        170
          101       212       111        .75        198
          212       245        33        .19         45
----------------------------------------------------------
19         18        35        17        .80        251
           35       106        71        .57        112
----------------------------------------------------------
18         15        56        41        .86        386
           56        86        30        .68        447
----------------------------------------------------------
17         38        47         9        .92        316
           47       116        69        .49        194
          116       131        15        .70        225
----------------------------------------------------------
16         62       119        57        .72        274
          119       155        36        .52        179
          155       214        59        .86        359
----------------------------------------------------------
15         43        62        19        .70        349
           62        74        12        .39        435
           74       176       102        .73        304
----------------------------------------------------------
14         29        58        29        .46        162
           58       127        69        .84        160
          127       151        24        .42        194
----------------------------------------------------------
13         34        45        11       1.00        183
           45        73        28        .59        197
           73       115        42        .32        123
          115       153        38        .62        238
----------------------------------------------------------
12         38        55        17        .99        223
           55        64         9        .39        180
           64       115        51        .66        192
          115       130        15        .08         38
          130       211        81        .76        276
----------------------------------------------------------
10         10       112       102        .66        278
          112       124        12        .45        169
          124       142        18        .61        275
          142       164        22        .11         33
----------------------------------------------------------
9          52        60         8        .78        165
           60        99        39        .20        112
           99       108         9        .56        160
          108       123        15        .39        107
          123       138        15        .61        130
          138       150        12        .70         69

* The upper portions of all drill holes are leached capping and have
  low copper values.

It appears that the best potential at Mirador lies in the high-grade primary mineralization rather than a supergene blanket.

The grades from the first few holes compare favourably to other large copper-gold deposits such as Bingham Canyon in the U.S. (1999 reserves quoted in the Rio Tinto annual report of 837 Million tonnes of 0.57% Copper and 350 ppb gold).

According to J. David Lowell who is managing this exploration program, "Mirador results to date indicate a large tonnage of relatively high-grade primary copper mineralization which contains a good gold credit. The higher grades generally coincide with intrusive breccia bodies whose geometry is such that they can probably be mined selectively in an open pit operation. The average hole depth is in the order of 100-200 metres but experience in other porphyry copper occurrences suggests that the good primary mineralization will extend to much greater depths".

The goal of the exploration program currently underway at the Corriente Copper Belt is to identify sources of high-grade ((greater than) 1% Cu) secondary mineralization (such as that at Warintza, see press release May 2/00) and to identify large tonnages of primary copper resources. It is felt that any company planning future copper mining operations within Ecuador would need both components. Mirador is viewed as a prime candidate to help provide a critical portion of the large tonnage target. Drilling is continuing on Mirador and over the next period it is planned to complete an east-west section of drilling across the deposit.

Kenneth R. Shannon, President

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